Section 1. Energy overview

Monthly Energy Review, May, 2005

Energy production during February 2005 totaled 5.5 quadrillion Btu, a 1.7-percent decrease compared with the level of production during February 2004. Production of crude oil decreased 5.4 percent; nuclear electric power decreased 5.1 percent; conventional hydroelectric power increased 3.8 percent; natural gas (dry) decreased 1.9 percent; and coal increased 0.4 percent, compared with the level of production during February 2004.

Energy consumption during February 2005 totaled 8.3 quadrillion Btu, a 4.6-percent decrease compared with the level of consumption during February 2004. Consumption of natural gas decreased 9.9 percent; nuclear electric power decreased 5.1 percent; conventional hydroelectric power increased 3.8 percent; coal decreased 1.8 percent; and petroleum decreased 3.0 percent, compared with the level 1 year earlier.

Net imports of energy during February 2005 totaled 2.3 quadrillion Btu, 5.4 percent above the level of net imports 1 year earlier. Natural gas net imports increased 6.4 percent; crude oil net imports increased 5.8 percent; coal net exports increased 40.0 percent; and petroleum products net imports increased 1.3 percent, compared with the level in February 2004.

Energy Overview

Note 1. Energy Production: Includes production of fossil fuels (coal, dry natural gas, crude oil and lease condensate, and natural gas plant liquids), nuclear electric power, pumped-storage hydroelectric power, and renewable energy. Renewable energy production is assumed to be equivalent to: end-use consumption of wood, waste, alcohol fuels, geothermal heat pump and direct use energy, and solar thermal direct use and photovoltaic energy; and electricity net generation from conventional hydroelectric power, wood, waste, geothermal, solar, and wind. Approximate heat contents (Btu values) are derived by using the conversion factors provided in Appendix A. See Section 10 for further information on renewable energy.

Note 2. Energy Consumption: Includes consumption of fossil fuels (coal, natural gas, and petroleum), some secondary energy derived from fossil fuels (supplemental gaseous fuels and coal coke net imports), nuclear electric power, pumped-storage hydroelectric power, renewable energy, and net imports of electricity. Renewable energy consumption includes: end-use consumption of wood, waste, alcohol fuels, geothermal heat pump and direct use energy, and solar thermal direct use and photovoltaic energy and net electricity generation from conventional hydroelectric power, wood, waste, geothermal, solar, and wind. Approximate heat contents (Btu values) are derived by using the conversion factors provided in Appendix A. See Section 10 for further information on renewable energy.

Note 3. Energy Imports: Includes imports of fossil fuels (coal, natural gas, and petroleum, including crude oil imported for the Strategic Petroleum Reserve), some secondary energy derived from fossil fuels (coal coke imports), and electricity. Approximate heat contents (Btu values) are derived by using the conversion factors provided in Appendix A. See Section 10 for further information on renewable energy.

Note 4. Energy Exports: Includes exports of fossil fuels (coal, natural gas, and petroleum), some secondary energy derived from fossil fuels (coal coke exports), and electricity. Approximate heat contents (Btu values) are derived by using the conversion factors provided in Appendix A. See Section 10 for further information on renewable energy.

Note 5. Merchandise Trade Value: Import data presented are based on the customs value. That value does not include insurance and freight and is consequently lower than the cost, insurance, and freight (CIF) value, which is also reported by the Bureau of the Census. All export data, and import data prior to 1981, are on a free alongside ship (f.a.s.) Basis.

"Balance" is exports minus imports; a positive balance indicates a surplus trade value and a negative balance indicates a deficit trade value. "Energy" includes mineral fuels, lubricants, and related material. "Non-Energy Balance" and "Total Merchandise" include foreign exports (i.e., re-exports) and nonmonetary gold and Department of Defense Grant-Aid shipments. The "Non-Energy Balance" is calculated by subtracting the "Energy" from the "Total Merchandise Balance."

"Imports" consist of government and nongovernment shipments of merchandise into the 50 States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and the U.S. Foreign Trade Zones. They reflect the total arrival from foreign countries of merchandise that immediately entered consumption channels, warehouses, the Foreign Trade Zones, or the Strategic Petroleum Reserve. They exclude shipments between the United States, Puerto Rico, and U.S. possessions, shipments to U.S. Armed Forces and diplomatic missions abroad for their own use, U.S. goods returned to the United States by its Armed Forces, and in-transit shipments.

Table 1.5 Sources

U.S. Department of Commerce, Bureau of the Census, Foreign Trade Division: